Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

cintec

Jmc25 wrote: »

Quick check of the PPR suggests that if these sales go through at these prices then we're looking at 10-15 per cent price inflation over a 2/3 month period for those areas - and other people on here are saying basically the same things about other areas.

I would really like to see the PPR in a few months and see if these houses go through, I do know from talking with my broker that they are busier than ever with applications.

some random drunk

Jmc25 wrote: »

If it keeps going, and frankly its showing no sign of stopping, then will we be looking at over 20 per cent increases by the end of the year. For the last couple of years we've been something like 21 or 22 per cent off the Celtic Tiger peak and that peak seeks to be where we're heading at the moment.

In my parents estate on outskirts of Rathfarnham, peak prices for small 3 bed semis was circa 600k. I saw one come on the market this week asking 550k. Will be interesting to see what it goes for.

pooch90

Emma2019 wrote: »

Are they not going to be putting up a house and then taking a new one too? As in no net new supply?

.

Not necessarily with probate sales etc. We viewed a house yesterday where the lady of the house is moving in with her adult child.

Sweet.Science

pooch90 wrote: »

Not necessarily with probate sales etc. We viewed a house yesterday where the lady of the house is moving in with her adult child.

Even for movers they are either downsizing upsizing or moving counties

So it helps the supply of that particular band . Mostly first time buyers

Viewed a house today. Price 20k over asking within 2 hours. And this, a crap terraced house already 50k over what it’s worth.

Just not bothered any more. It’s not worth being demoralised over and over again for a year. People here saying more houses on the market, doesn’t make much of a difference any more. Like there’s 60m squared houses hitting 300k in Cabra west.

Interested Observer

Deleted User wrote: »

Viewed a house today. Price 20k over asking within 2 hours. And this, a crap terraced house already 50k over what it’s worth.

Just not bothered any more. It’s not worth being demoralised over and over again for a year. People here saying more houses on the market, doesn’t make much of a difference any more. Like there’s 60m squared houses hitting 300k in Cabra west.

I understand how you feel, but I had the exact same experience pre-Covid before the market went all whacky. Took well over a year, dozens and dozens and dozens of viewings, finally got somewhere. It is very tough though.

After calming down I’ve a few thoughts on it..

- any estate agent taking bids with no concrete proof of funds is a charlatan who is only fuelling spiralling prices (it’s happening, I’ve bid myself and not being asked for any proof)

- second hand home market is extra crazy. For 20 viewers, there seems to be 10-15 of them about to bid on a house. So we don’t need some extra houses, realistically there needs to be 4/5x the amount of houses coming on stream to help the situation. And even with viewings returning, I just can’t see it. The situation is exacerbated by new build estates around Dublin being wholly bought up by investment funds for rental. So everyone pushed into second hand market.

(Edit) - and then the council / housing “charities” come in and hoover up any ex corpo house under 270 for social housing, thus ending up with houses in Ballymun ending up being priced at a quarter of a million, therefore putting upward pressure on everything else.

- I didn’t buy into the McWilliams/chp buyers strike thing as I understand people have to buy (myself included). But I can’t see a correction short term unless this happens or there’s a global financial crash. And which is more likely..

Emma2019

Or the government start building houses and put a percentage limit on purchase to rent from new stock.

sm3ar

Would rural estate agents do viewings on Saturdays?

NewRed2

In one area I've been looking to buy the prices seem to have jumped around 25k in last few months or so it seems anyway. I rang Thursday morning asking about a house and I also pointed out that I'm a cash buyer and ready to go and they still never even bothered coming back to me (yet).
It's all very frustrating but sure it is what it is. Hopefully it might calm down soon although I wouldn't be holding my breath.

Aisling(",)

We signed contracts last week and now we're just waiting on the vendors to sign and agree a closing date.
Our solicitor requested they provide us with a certificate of exemption for a porch/internal wall change and back door change.

I can't wait till this is all done and I can stop obsessively checking my emails!

NewRed2

Aisling(",) wrote: »

We signed contracts last week and now we're just waiting on the vendors to sign and agree a closing date.
Our solicitor requested they provide us with a certificate of exemption for a porch/internal wall change and back door change.

I can't wait till this is all done and I can stop obsessively checking my emails!

Congrats! Just curious... the porch i get but why would you need one for the back door change?

scamalert

NewRed2 wrote: »

In one area I've been looking to buy the prices seem to have jumped around 25k in last few months or so it seems anyway. I rang Thursday morning asking about a house and I also pointed out that I'm a cash buyer and ready to go and they still never even bothered coming back to me (yet).
It's all very frustrating but sure it is what it is. Hopefully it might calm down soon although I wouldn't be holding my breath.

looked at 10 houses or so after 20km came in and never had issues lookin at houses, but few EA's were exactly like that one house was still lived in so think sellers didnt want to or have anywhere to go, and one someone before me came in offered asking, and dunno if sellers took it or not but agent didnt have any more interest. both examples are probably good in what to dodge out when buying, as neither case would end well for buyer that would want to proceed with fast buy and move in.

Aisling(",)

NewRed2 wrote: »

Congrats! Just curious... the porch i get but why would you need one for the back door change?

I haven't a notion.The current owners bought the house 12 years ago and these works were done before then.The solicitor got a copy of the surveyors report and he noted the changes to the house and requested it .
He mentioned it would be useful to have if we wanted to sell the house in future but outside of that I think its just to tick all the boxes possible.

JimmyVik

Deleted User wrote: »

Viewed a house today. Price 20k over asking within 2 hours. And this, a crap terraced house already 50k over what it’s worth.

Just not bothered any more. It’s not worth being demoralised over and over again for a year. People here saying more houses on the market, doesn’t make much of a difference any more. Like there’s 60m squared houses hitting 300k in Cabra west.

If you looked at it though even 2 years ago you probably would have felt the exact same way.
Houses values are point in time.
People only ever compare to last year.
Put yourself in your shoes in 2 years looking back at todays prices. (If there isnt a crash )

brownbinman

sm3ar wrote: »

Would rural estate agents do viewings on Saturdays?

we were contemplating moving from Dublin down to country and had viewed a few places on Saturdays. With enough notice, estate agents be only too happy to show it over weekend...depending on house and location I assume

ElBastardo1

House in Stepaside back in December was up for 379,950 sold for 395k.
Very similar house has just gone up this week with Sherry Fitz..........465k.

These very houses were up for sale back in 2016 for 299k. This level of increases leads to a bubble and we know what happens when that bursts. Estate Agents must be looking at the PPR and adding 15% to the last house sold. Banks could easily put the brakes on these prices by refusing to lend on a house which has been artificially increased.

RichardAnd

ElBastardo1 wrote: »

House in Stepaside back in December was up for 379,950 sold for 395k.
Very similar house has just gone up this week with Sherry Fitz..........465k.

These very houses were up for sale back in 2016 for 299k. This level of increases leads to a bubble and we know what happens when that bursts. Estate Agents must be looking at the PPR and adding 15% to the last house sold. Banks could easily put the brakes on these prices by refusing to lend on a house which has been artificially increased.

If there's an up-side to this it's that the more it inflates, the more likely it is to burst. If the bubble is going to pop, I'd rather that it happen sooner rather than later before it sucks in too many people.

ElBastardo1

RichardAnd wrote: »

If there's an up-side to this it's that the more it inflates, the more likely it is to burst. If the bubble is going to pop, I'd rather that it happen sooner rather than later before it sucks in too many people.

When the bubble bursts, everyone is hurt in some way. Banks stop lending and we are back to square one.

random_banter

RichardAnd wrote: »

If there's an up-side to this it's that the more it inflates, the more likely it is to burst. If the bubble is going to pop, I'd rather that it happen sooner rather than later before it sucks in too many people.

This might be a weird question but what causes that bubble to burst? Are there a number of factors? What would that look like in reality, what are the signs?

Even though I am glued to the market I'm not as familiar with the signs of a bubble bursting etc, as I wasn't in buyer mode the last time around.

Lmkrnr

random_banter wrote: »

This might be a weird question but what causes that bubble to burst? Are there a number of factors? What would that look like in reality, what are the signs?

Even though I am glued to the market I'm not as familiar with the signs of a bubble bursting etc, as I wasn't in buyer mode the last time around.

Massive job losses. That isn't going to happen anytime soon. The boom is back, long live the boom.

Yes i have factored in hospitality jobs,but they are not a main driver of house prices. As the current situation show's.

Royale with Cheese

I have my apartment on the market currently. I had it valued last October and I was told it was worth around 310-315, up to 325 on a good day. We decided to stay put as there was so little to buy and our situation doesn't dictate that we need to move, just would like to eventually. Six months later and I've been lucky enough to be offered a rental property from a family member while we look for something, so we can sell without need anywhere to move into. I had it valued again and was told things had moved on seriously in six months and it was now worth 340-350. I didn't really believe him but that's the range the bidding is at now and it's still going.

I'll be staying put in the rental place for a year or two while things hopefully calm down, the prices out there now are madness. We must be near peak Celtic Tiger prices at this stage?

ionapaul

ElBastardo1 wrote: »

House in Stepaside back in December was up for 379,950 sold for 395k.
Very similar house has just gone up this week with Sherry Fitz..........465k.

These very houses were up for sale back in 2016 for 299k. This level of increases leads to a bubble and we know what happens when that bursts. Estate Agents must be looking at the PPR and adding 15% to the last house sold. Banks could easily put the brakes on these prices by refusing to lend on a house which has been artificially increased.

Are you comparing like with like? I think I know the houses you are referring to; the current one up for sale has been extended (not by much! but does have an extra room downstairs compared to the original layout) and looks much nicer in terms of decorative order than the other one. I think there's a big premium to a more visually impressive turn-key house these days.

I hear what you are saying about the market having increased a lot over the past six months though; I'm benefiting a bit from this myself as we're sale agreed on our current house, but losing on the other side by now being sale agreed on a new property!

RichardAnd

random_banter wrote: »

This might be a weird question but what causes that bubble to burst? Are there a number of factors? What would that look like in reality, what are the signs?

Even though I am glued to the market I'm not as familiar with the signs of a bubble bursting etc, as I wasn't in buyer mode the last time around.

There has never been a bubble in history that has not burst eventually. What could cause this particular bubble to burst could be any number of things. Perhaps MNCs will leave en-mass for some reason. Perhaps there will be a global financial crisis that influences the Irish market.

No one five years ago would have imagined anything like the state's handling/mishandling of covid, so what could happen in future is up in the air. We can only wait and see.

ionapaul

Royale with Cheese wrote: »

I'll be staying put in the rental place for a year or two while things hopefully calm down, the prices out there now are madness. We must be near peak Celtic Tiger prices at this stage?

Not in a lot of Dublin anyhow, still about 20% off the real madness in many places. Probably closer in the FTB segment though, the competition is so fierce at present.

ElBastardo1

ionapaul wrote: »

Are you comparing like with like? I think I know the houses you are referring to; the current one up for sale has been extended (not by much! but does have an extra room downstairs compared to the original layout) and looks much nicer in terms of decorative order than the other one. I think there's a big premium to a more visually impressive turn-key house these days.

I hear what you are saying about the market having increased a lot over the past six months though; I'm benefiting a bit from this myself as we're sale agreed on our current house, but losing on the other side by now being sale agreed on a new property!

Just had a look, , maybe you're right. just for comparison a 3 Bed end of terrace house on the road with a 110m3 area was cheaper (460k sold) 4 months ago on the same street and It had side access and was in very good condition.

House prices have taken a big jump in the past 4 months with no obvious reasoning other than lack of supply. Although this week a lot of properties have came onto the market and the prices are higher on these. for example 3 houses in Loreto Nutgrove have went up for 375-395k this week and are all in similar condition and size, back in December one of these sold for 326k . So even with increase of supply the asking price went up.

Busi_Girl08

When do you guys think things will calm down enough to stop people going straight in on bidding at or above asking? It's the panic opening bids of 5k+ over that starting these frenzies.

Graham

Mod Note

A friendly reminder

Folks, general chat about the property market over here please: https://www.boards.ie/vbulletin/show...p?t=2058047890

This thread is for CURRENTLY Buying/Selling

Some off topic posts have been deleted.

Do not reply to this post.

tobsey

Busi_Girl08 wrote: »

When do you guys think things will calm down enough to stop people going straight in on bidding at or above asking? It's the panic opening bids of 5k+ over that starting these frenzies.

There seems to be an expectation that with viewings starting next Monday and estate agent's offices opening the following week that people will get back to viewing before making offers and that might calm it down.

We sold our house using blind bidding. Since going sale agreed the purchasers have been here twice now along with their valuer and surveyor. However we've lost out on two properties to bidding wars. We went just over 10% over asking on the first but not sure how much it went for. The second, just today, accepted an offer just under 24% over asking. We had gone to about 22% over. It had a serious amount of work done to it though.

We're now hoping to close our sale and move in with family while looking for a new house. Given that one particular estate agent hasn't returned either mine or my wife's calls I'm guessing they don't want to deal with people who are selling to buy when there are a number of bidders ready to go.

There's a house in an estate near me, houses in the area would traditionally go for in and around 180-ish. A house was listed (in good nick, in fairness) for 200k in this estate. With no viewings allowed, someone made an offer of 210k on on the same day it was listed. :rolleyes:

Friend of mine enquired about it about two weeks ago, and it was at 236k. It's disappeared off daft, since, so i assume it went for 236 or 240 max.

Here's what boggles me - Bank of Ireland told me that they wouldn't drawdown if you, or your company, are on a govt. subsidy (PUP, EWSS, etc) so what I'm genuinely curious of is, are people bidding the bollocks off properties, and now these people are gonna stumble and collapse right before the finish line when the bank say 'lol no' to them at drawdown stage?

I wonder are people offering money and going sale agreed just so they can secure the property, and then try to drag things out to wait until they're off the govt. subsidies..?